Minnesota § 465.71 INSTALLMENT, LEASE PURCHASE; CITY, COUNTY, TOWN, SCHOOL

Minnesota Statutes

§ 465.71 — INSTALLMENT, LEASE PURCHASE; CITY, COUNTY, TOWN, SCHOOL

Minnesota § 465.71

PartPOLITICAL SUBDIVISIONS, GENERAL PROVISIONS

Ch. 465RIGHTS, POWERS AND DUTIES; MUNICIPALITIES

This text of Minnesota § 465.71 (INSTALLMENT, LEASE PURCHASE; CITY, COUNTY, TOWN, SCHOOL) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 465.71 (2026).

Text

A home rule charter city, statutory city, county, town, or school district may purchase personal property under an installment contract, or lease real or personal property with an option to purchase under a lease-purchase agreement, by which contract or agreement title is retained by the seller or vendor or assigned to a third party as security for the purchase price, including interest, if any, but such purchases are subject to statutory and charter provisions applicable to the purchase of real or personal property. For purposes of the bid requirements contained in section471.345, "the amount of the contract" shall include the total of all lease payments for the entire term of the lease under a lease-purchase agreement. The obligation created by an installment contract or a lease-purchase

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A home rule charter city, statutory city, county, town, or school district may purchase personal property under an installment contract, or lease real or personal property with an option to purchase under a lease-purchase agreement, by which contract or agreement title is retained by the seller or vendor or assigned to a third party as security for the purchase price, including interest, if any, but such purchases are subject to statutory and charter provisions applicable to the purchase of real or personal property. For purposes of the bid requirements contained in section471.345, "the amount of the contract" shall include the total of all lease payments for the entire term of the lease under a lease-purchase agreement. The obligation created by an installment contract or a lease-purchase agreement for personal property, or an installment contract or a lease-purchase agreement for real property if the amount of the contract for purchase of the real property is less than $1,000,000, shall not be included in the calculation of net debt for purposes of section475.53, and shall not constitute debt under any other statutory provision. No election shall be required in connection with the execution of an installment contract or a lease-purchase agreement authorized by this section. The city, county, town, or school district must have the right to terminate a lease-purchase agreement at the end of any fiscal year during its term.

Legislative History

1965 c 266 s 1;1976 c 44 s 67;1979 c 3 s 1;1982 c 523 art 15 s 4;1988 c 639 s 6;1989 c 329 art 5 s 16;1990 c 562 art 5 s 12;1997 c 231 art 2 s 33;1Sp2021 c 14 art 10 s 4